George Armoyan updates holdings of Terravest Income Fund

TORONTO, March 6, 2012 /CNW/ - As at March 6, 2012, George Armoyan owns 2,591,900 units of Terravest Income Fund ("Terravest"), representing 13.1% of the outstanding units.

Pursuant to the Securities Act (Ontario), Mr. Armoyan is presumed to be acting jointly or in concert with family members with whom he resides and with Clarke Inc. ("Clarke"). This does not constitute an admission by Mr. Armoyan that he is acting jointly or in concert with any other person with respect to securities of Terravest and Mr. Armoyan expressly disclaims ownership of securities of Terravest held by persons other than Mr. Armoyan. According to Clarke's most recent SEDI filing (made on October 27, 2010), Clarke owns 3,970,108 units, representing 20.1% of the outstanding units of Terravest.

On an aggregate basis, George Armoyan, members of his family with whom he resides and Clarke, own 6,606,008 units, representing 33.5% of the outstanding units.

Mr. Armoyan and members of his family with whom he resides may acquire additional securities of Terravest, dispose of some or all of the existing or additional securities of Terravest, or continue to hold securities of Terravest in the normal course of their investment activities.

George Armoyan
TD Canada Trust Tower
161 Bay Street, Suite 2400
P.O. Box 217, Toronto, ON, M5J 2S1
t: [phone]
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